Business Name Registration With CAC

Every business owner desires to be known and taken seriously. No genuine business owner wants their business to be viewed as an extension of a fraudulent act.

The only safe and effective way for business owners to prove to their clients or customers that they are valid and credible is by registering their business names. “

Moreover, registering the business name guarantees the owner the power to exercise a legal right and gives potential customers confidence that they are dealing with a reputable company.

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Why Should You Register your Business Name? 

The registration of a business is essential for a business’s Authenticity, Good reputation, and legal recognition.

Also, it is easier for registered businesses to secure and be granted loans from banks. Business investors also find registered companies trustable.

About CAC

The Corporate Affairs Commission of Nigeria (CAC) is a federal government agency established in 1990. It is an Independent body charged with regulating the formation, management, and winding up of companies in Nigeria.

Other responsibilities of CAC include:

• Create and keep up a company register and offices in every state of the Federation that is suitable and equipped to carry out their duties under the Act or any other law for which they are accountable.
• Organize and investigate any company’s affairs when the needs of the shareholders and the general public call for it.
• Conduct any additional appropriate or required tasks to implement the Act’s provisions fully.
• Also, they offer several supplementary services, including the registration of Business Names and Incorporated Trustees.

Furthermore, a business can be registered as a business name, partnership, limited liability, unlimited company, or Incorporated trustee. These types of companies are all recognized by CAC. The beautiful thing is that this registration of business names doesn’t have to be done through an agent or necessarily going to an Office. One can do it by themselves, and it can be done online.

CAC has an online platform that quickens and makes registering business names easy and understandable. Business owners must create an account with CAC before registering their business names. 

Visit the website for registration https://pre.cac.gov.ng/home

Click on the three dashes on the top left to register if you are new or log in if you have registered with them.

Steps in Business Name Registration with CAC 

Below is the step-by-step guide on business name registration using the CAC Electronic Registration Portal.

After you have created an account with them, you can then proceed to register your business which must take the subsequent steps, but first, you have to log in and then proceed to public search. 

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Public Search Of The Business Name

You probably don’t want to get into a messy situation of comprising your business with the choice of the name previously taken by another entity. Consequently, there is a need to ensure that your preferred name for your business is unique. 

Nevertheless, with CAC, you can verify the business name after you have thought about your preferred business name. You need not worry about researching and making investigations all by yourself, which is time-wasting, costly, and often ineffective. 

Through the CAC information system, you can access the database by running a check to ensure your preferred business name is unique and not assigned to any business yet.

In addition, you get to know the status of your choice, whether it is reserved or not. This little effort ensures that you are not at risk of any legal infringement concerning the choice of name sooner or later.

Furthermore, on the list of things, the next thing you would want to do is – reservation of names

Reservation Of Names

Reservation of names is a way of submitting the two preferred words you would like your Business to have. You can keep your name reserved for as long as 60 days. And during this period, it is expected that you have completed the registration process of your company or business.

Clicking on Reserve name now takes you to the above filling area where you get to fill in terms of yoof referred com your name and also fill in some required details, including your company type, i.e., a private company limited by shares or Business name.

After you enter the necessary information under each column, then, you can proceed to make the payment

Payment of CAC filing Fee ( Amount varies according to what type of business you want to register)

The payment can be made online with your debit card or any other way you want to with the options available on the platform.

After this, within 24 hours, you are expected to receive a message of your name approval.  If your name were not approved, you would have to go through the same process again and pay fees again for another term. Essentially, the more reason why you should do public research before you continue with the registration.

Afterward, the Approval of the name message comes with an availability code that will be required to complete your registration with CAC.

Finally, use the Availability code to start the registration process and fill in the necessary forms on the company registration portal.

Submission Of Form

You may submit the form online, and CAC will review the documentation if everything is in order. The CAC will notify the registrant that the application has been approved and the business name certificate is ready for collection. The entire process should take about a week, depending on the workload of CAC at the time.

The whole activity from the beginning to the end is seamless and for everyone, whether the business is new or old, small-scale, medium-scale, or large-scale. 

However, in the event of complaints or feedback, one can use the support telephone lines and email addresses issued on the website. Be sure to get the necessary information and responses on any issue you encounter.

Final Notes on Business Name Registration With CAC

CAC is a body that oversees the operations of registering businesses in Nigeria. The need for proper registration of a company in Nigeria can not be overemphasized as there are a lot of benefits attached, as explored earlier in the post.

The post does well serve as a guide for anyone interested in the process of registering a business or businesses in the country. 

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